PharmaTelevision - BIO and 2009 – the Year of Change

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Video title: BIO and 2009 – the Year of Change

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At the international BIO convention 2009, Jim Greenwood, CEO of BIO, joined Fintan Walton to discuss the many different factors that have come together over the past year to challenge the biotech industry. With the Obama administration in the White House and healthcare reform on the table, BIO has become essential for its members giving them the representation they need to ensure that policy changes work in their favour. The result, Jim Greenwood hopes, is that the industry will be supported by government as they come to understand the importance of biotechnology in the modern world.

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2009: The Year of profound changes.

Fintan Walton:

Hello and welcome. We are here at Bio 2009 at the annual convention here in Atlanta. We are here to record a series of programs with leading pharmaceutical and bio technology companies to talk about their both vision and what they are doing to build their organizations in tough economic times. Hello and welcome to PharmaVentures business review here at Bio in Atlanta. On this show we are privileged to have the CEO of BIOJim Greenwood. Welcome.

James C. Greenwood:

Similarly with you.

Fintan Walton:

James C. Greenwood here in 2009 it's interesting times for the bio technology industry. As the CEO of BIO what's your view?

James C. Greenwood:

Well it's been a year of profound changes. The stock market if you look a year ago when we where, had this meeting in San Diego stock market was well above 12000, it dropped by half, of course in the, it really accelerated the difference between the haves and have not's of biologies biotechnologies. So if you are if you are large company with product if you are and Genentech, Amgen extra you did pretty well far better than the than the dubbed average as a whole and that's largely because this the spending on healthcare is not that discussionary you know people are still going to get sick, they are still going to need products for diabetes and for Multiple sclerosis for cancer but if you are the small companies and you don't have if you are one of the small companies and you don't have a product for sale yet on the market and you are you know the unique thing about, about drug discovery which is you know you invent a mouse trap and you patent the mouse trap you can begin to sell the mouse trap the next day and start to generate revenues. You patented a molecule now you are off on the twelve year venture and through research and development, the clinical trials and FDA approval and for all of that time you are entirely reliant on investor capital and because of this worldwide economic recession there is not a lot of investment going on. So it's a very tougher time. It's been a year of political "

Fintan Walton:

Change.

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James C. Greenwood

President and Chief Executive Officer

James C. Greenwood is President and CEO of the Biotechnology Industry Organization (BIO) in Washington, D.C., which represents more than 1,200 biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the annual BIOInternational Convention, the world's largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. Since his appointment in January of 2005, he has markedly enhanced the trade association's capacity increasing both it's staff and budget by nearly fifty percent. BIO is now a world class advocacy organization playing a leading role in shaping public policy on a variety of fronts critical to the success of the biotechnology industry at the state and national levels as well as internationally. Mr. James C. Greenwood represented Pennsylvania's Eighth District in the U.S. House of Representatives from January 1993 through January 2005. A senior member of the Energy and Commerce Committee, he was widely viewed as a leader on health care and the environment. From 2001 to 2004, Mr. James C. Greenwood served as Chairman of the Energy and Commerce Committee Subcommittee on Oversight and Investigation with oversight authority over issues in the full Committee's vast jurisdiction. He led hard-hitting investigations into corporate governance at Enron, Global Crossing and WorldCom; terrorist threats to our nation's infrastructure; and waste and fraud in federal government agencies. Prior to his election to Congress, Mr. James C. Greenwood served six years in the Pennsylvania General Assembly (1980-86) and six years in the Pennsylvania Senate (1986-1993). Mr. James C. Greenwood graduated from Dickinson College in 1973 with a BA in Sociology. From 1977 until 1980, he worked as a caseworker with abused and neglected children at the Bucks County Children and Youth Social Service Agency.

BIO

BIO, is the world's largest biotechnology organization, providing advocacy, business development and communications services for more than 1,200 members worldwide. Our mission is to be the champion of biotechnology and the advocate for our member organizations"both large and small. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology technologies. Corporate members range from entrepreneurial companies developing a first product to Fortune 100 multinationals. They also represent state and regional biotech associations, service providers to the industry and academic centers.